Green REIT plc, a newly-incorporated Irish property investment company, announced that it plans to seek a primary listing for its ordinary shares on the Official List of the Irish Stock Exchange, and a premium listing on the Official List of the UK Listing Authority and admission to trading on the regulated market for listed securities of the Irish Stock Exchange and on the main market for listed securities of the London Stock Exchange.
The company stated that it is seeking to raise gross proceeds in excess of 200 million euros pursuant to an institutional placing of Shares and a subscription of Shares by members of the Management Team.
The company noted that, in connection with the Placing, it intends to issue Shares to institutional and qualified professional investors, and the Management Team intends to indirectly invest approximately 10 million euros through a subscription of Shares in the company.
The company expected that Admission will become effective and dealings in the Shares will commence at 8.00 a.m. on 18 July 2013.
The company noted that it will elect to become an Irish Real Estate Investment Trust or "REIT" following Admission and is expected to be the first REIT established in Ireland following the recent introduction of REIT legislation by the Irish Government.
The company noted that it will have an experienced Board of Directors comprising four non-executive Directors, and chaired by Gary Kennedy, currently chairman of Greencore Group plc and a director of Elan Corporation plc. Jerome Kennedy, who is currently a director of Total Produce plc, Independent News & Media PLC, Caulfield McCarthy Group Retail and former managing partner in KPMG Ireland, and Thom Wernink, who is currently non-executive director of SEGRO and Atrium European Real Estate, and former chairman of the Management Board (CEO) of Corio, will serve as independent non-executive Directors. Stephen Vernon, a nominee of the Investment Manager and chairman of Green will also serve on the Board as a Director.
by RTT Staff Writer
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